The World Economic Forum (WEF) has backtracked on its decision to bar three Russian businessmen from next year’s meeting in Davos. The turnabout comes after Moscow threatened to boycott the year’s biggest business event.

Russia will participate in January’s prestigious business and political meeting in Switzerland, the WEF announced on Sunday. Managing director and head of compliance at the organization, Alois Zwinggi, said he is pleased to learn that Moscow would be sending “a high-level governmental delegation to Davos,” his statement reads as cited by media.